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Wednesday , 13 December 2017

Nestle Dragged to court For Breach of Contract..,Investors wary

Nestle Nigeria Plc has been dragged before an Oyo State High Court, sitting in Ibadan, by the owner of First Nigeria Enterprises, Prof. Olatoye Ogunbode, for disobeying the trade agreement they both allegedly entered into at the inception of their contract…and investors as well as others in contracts with her are becoming conscious of clauses.

Also named as co-defendant in the suit no I/222/2017 is Access Bank Nigeria Plc, which funded the distributorship agreement between Nestle and the applicant.

The case came up for further hearing on Thursday, with Ogunbode’s counsel, Kolade Olawuni, of Babalakin and Co. Chamber, compelling the court to restrain first and second defendants from taking any action against Ogunbode’s company, pending when the dispute in respect of the company’s account would be referred to the Court of Arbitration.

Olawuni said, “Essentially, what we are asking for is for the court to restrain the two parties, that is, Nestle and Access Bank, from taking any further action in respect of the trade account that Ogunbode has in the name of First Nigeria Enterprises. The company has a distributorship agreement with Nestle, which was financed by Access Bank.

“But a dispute has arisen concerning an alleged trade gap. The trade gap is disputed and Ogunbode made an allegation of unfair and unjust treatment and manipulation in his account. We are now before the court to restrain them from taking any action against him pending when the dispute in respect of the account is referred to arbitration.

“The agreement they have at the inception of the distributorship is that any dispute will be referred to arbitration. They have not done that and they have unilaterally decided to take steps that are inimical to his business, which is against the spirit of the agreement. This is just a simple case of maltreatment of a partner involved in a trade agreement.

“On February 23, 2017, the court was gracious enough to grant us order of injunction, restraining the two parties from taking any step in the course of the business and towards a provocative letter addressed to Ogunbode on January 19, 2017, saying that they wanted to forestall his business and seize all his instruments of trade.”

The defendants were absent when the case returned to court for hearing and presiding Justice Moshood Abass adjourned the case until April 10, 2017.

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